Essay On Singapore Economy

Singapore's key factors that makes its economy is trade, commerce, human capital and a skilled work-force. Primary industry or sector barely affects the economy of Singapore. About 28% of Singapore's GDP (Gross Domestic Product) come from secondary industries, such as petrochemical which is very important for Singapore's economy. Singapore have great emphasis on high end manufacturing such as consumer electronics, machineries, transport equipment, and ships are typical for this field. The Singapore government is also trying to foster future growth sectors such as aerospace, precision engineering and especially life sciences. Biotechnology is a growing industry that caters to medical and the need of an aging population. Singapore has a very business-friendly environment that encouraged investment in manufacturing. It's service sector drives Singapore's economy and provides jobs to 80% of 3.03 million workers and employees. commerce and trade, shipping and logistics are essential industries. The Port of Singapore is the busiest cargo port in the world which has a flourishing import and export with China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Saudi Arabia, and the US.

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As you can see, this is a bar graph of 10 years of Singapore's GDP from 2004 to 2013 which is calculated yearly. At 2004, Singapore had a GDP of

The monetary policy includes the utilization of investment rates to control the level and rate of development of total request in the economy. It also includes the impacts of progressions in the exchange rate – the outside estimation of one cash against an alternate – on the more extensive economy. Lower investment rates will prompt an increment in shopper and business capital using both of which expands national wage. Since speculation using brings about a bigger capital stock, then wages later on will likewise be higher through the effect on